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Minimum-Wage Laws Are Costly For The Unemployed

PV Wrote: Jul 11, 2012 2:39 PM
Democrats promote these irrational increases in the minimum wage because of two reasons: First, and most important, most union contracts are indexed against the minimum wage. Increasing the minimum wage provides all of these union employees automatic increases without any additional bargaining. Second, it provides an opportunity for their favorite past time - class warfare. Fortunately for them, most of us have been so dumbed-down regarding anything of an economic nature that they get a complete pass although they destroy the very people they claim to champion. They know this and couldn't care less if they benefit politically.

CONGRESS ENACTED the first federal minimum wage in 1938. A provision of the Fair Labor Standards Act, it covered about 6 million workers and set a wage floor of 25 cents per hour.

It also cost a lot of people their jobs. The Labor Department reported that as many as 50,000 employees, mostly poor Southern blacks, were thrown out of work within two weeks of the law's taking effect. In the months that followed, the carnage spread. "African Americans in the tobacco industry were particularly hard hit," wrote David Bernstein in his 2001 history of labor regulations...